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I went through a period where I loaned money to anyone that asked me

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Re: I went through a period where I loaned money to anyone that asked me

#321

Post by Fatnino »

When we first moved to the US, my dad gave a stack of cash from our previous country to a friend who was going to change it into dollars.

You already know how that went.

Some 20 odd years later the guy crawls back out of the woodwork. He had a guilty conscience and wanted to do the currency exchange finally. _At the exchange rate of 20 years later than was originally agreed apon_.

Dad told him to donate the now trifling sum of dollars to whatever charity he wanted, and that he's still going to hell for screwing over an immigrant family.

Re: I went through a period where I loaned money to anyone that asked me

#322

Post by greyface- »

theonething wrote: post #316
lotsofpulp wrote: post #183

Earlier quoted context omitted.

If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. Taxpayer A also owes $0, assuming that is all they have gifted in their life. But they do have to file a form with the IRS tabulating the total they have gifted, minus the annual exclusion ($17k). Neither taxpayer A nor taxpayer B have a federal tax liability for gifting more than the annual exclusion amount. So I do n…

> If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. If A is alive when that happens then that is wrong. B will be taxed on the amount of $1M - 17k because the gift tax applies not the estate tax. If A were dead and gifted B in their will, then you would be correct because the estate tax applies in this scenario. Again, since we're taking about loans and gifts while a…

This is incorrect. Taxpayers are allowed to apply their lifetime gift exclusion before death. Line 7 on Part 2 of Form 709.

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://www.irs.gov/pub/irs-pdf/i709.pdf#page=20

Re: I went through a period where I loaned money to anyone that asked me

#323

Post by lotsofpulp »

theonething wrote: post #316
lotsofpulp wrote: post #183

Earlier quoted context omitted.

If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. Taxpayer A also owes $0, assuming that is all they have gifted in their life. But they do have to file a form with the IRS tabulating the total they have gifted, minus the annual exclusion ($17k). Neither taxpayer A nor taxpayer B have a federal tax liability for gifting more than the annual exclusion amount. So I do n…

> If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. If A is alive when that happens then that is wrong. B will be taxed on the amount of $1M - 17k because the gift tax applies not the estate tax. If A were dead and gifted B in their will, then you would be correct because the estate tax applies in this scenario. Again, since we're taking about loans and gifts while a…

A gift recipient does not owe tax, so taxpayer B never owes any tax for receiving a gift.

https://www.irs.gov/businesses/small-businesses-self-employe...

>Who pays the gift tax?

> The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

Re: I went through a period where I loaned money to anyone that asked me

#327

Post by theonething »

lotsofpulp wrote: post #323
theonething wrote: post #316

Earlier quoted context omitted.

> If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. If A is alive when that happens then that is wrong. B will be taxed on the amount of $1M - 17k because the gift tax applies not the estate tax. If A were dead and gifted B in their will, then you would be correct because the estate tax applies in this scenario. Again, since we're taking about loans and gifts while a…

A gift recipient does not owe tax, so taxpayer B never owes any tax for receiving a gift. https://www.irs.gov/businesses/small-businesses-self-employe... >Who pays the gift tax? > The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

Ok, after a little more research, I think you're right and I stand corrected. Thank you for your patience!

Re: I went through a period where I loaned money to anyone that asked me

#328

Post by theonething »

greyface- wrote: post #322
theonething wrote: post #316

Earlier quoted context omitted.

> If taxpayer A gifts taxpayer B $1M today, taxpayer B owes $0 in taxes to the US federal government. If A is alive when that happens then that is wrong. B will be taxed on the amount of $1M - 17k because the gift tax applies not the estate tax. If A were dead and gifted B in their will, then you would be correct because the estate tax applies in this scenario. Again, since we're taking about loans and gifts while a…

This is incorrect. Taxpayers are allowed to apply their lifetime gift exclusion before death. Line 7 on Part 2 of Form 709. https://www.irs.gov/pub/irs-pdf/f709.pdf https://www.irs.gov/pub/irs-pdf/i709.pdf#page=20

I stand corrected. Thank you.

Re: I went through a period where I loaned money to anyone that asked me

#329

Post by mejutoco »

zamfi wrote: post #170
gamegoblin wrote: post #122

Earlier quoted context omitted.

In Spanish they are the same word also -- "alquilar" -- "to rent" and "to rent out". Do any linguistics geeks reading have a word I can google for this phenomenon? That is, a word that means something like "a word or phrase that is bidirectional in one language but part of a unidirectional pair in another"

I don't have an answer but English LOVES preposition-attached verbs. You can use lent and borrowed in both directions (I lent X to him; he lent X to me -- I borrowed X from him; he borrowed X from me) so the main difference is not in whether the verbs can be used bidirectionally, but in how you indicate the direction. I suspect Spanish (and maybe Polish) disambiguate in different ways, but disambiguate I'm sure they…

In your examples the direction seems to be the same. Or, more specifically, in regards to the verb the direction is the same.

idk if there are regional exceptions, but in general borrow and lend seem more akin to learn and teach, respectively. The have an implicit direction: (from, in the case of borrow; to in the case of lend).

I teached something from you today or I will learn you calculus in extracurricular classes don't work.

In Spanish it is disambiguated in a similar way as you were mentioning (to me, to you)

"Alquilo" translates literally to rent, so not really the same:

- Me alquilas un piso. (you rent me a flat)

- Te alquilo un piso. (I rent you a flat)

I think a better translation to borrow/lend is "prestar/dejar:

- Me prestas/dejas un lápiz. (you lend me a pencil/I borrow a pencil from you)

- Te presto/dejo un lápiz. (I lend you a pencil/You borrow a pencil from me)

Language is interesting!

Re: I went through a period where I loaned money to anyone that asked me

#330

Post by t0suj4 »

bungeonsBaggins wrote: post #311
t0suj4 wrote: post #150

Earlier quoted context omitted.

Not expecting anything in return has definitely made me happier. It's on the borrower to worry about paying me back. Me, I don't care.

How does this work in practice, though? I don't know how this would be possible at all. I have loaned money to family members in the past, and been paid back when they were back on their feet. But if a friend or family member borrowed money and never paid it back, even after they were over their financial difficulties, and never mentioned it or made any effort to repay the loan, it would certainly affect my opinion o…

Asking money back did influence my opinion and that would ruin the relationship over time. That's why I've stopped asking for money and went even further and stopped expecting anything back.

I've picked that up from friends I made in Taiwan. It was mostly paying each other's lunch but there's no reason why it shouldn't work in other areas of life.

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